Analysis for May 17th, 2016
EUR USD, “Euro vs US Dollar”
Eurodollar is being corrected, although the main target for bears is still the group of lower fibo-levels at 1.1210. On Tuesday, the price may resume its decline and, as a result, break the minimum quite soon.
At the H1 chart, yesterday the price rebounded from the correctional retracement of 38.2%, which means that it may resume falling. Besides, the downside targets are confirmed by intraday fibo-levels as well.
EUR GBP, “Euro vs Great Britain Pound”
The correction is getting deeper. The closest target for bear is the retracement of 78.6%, which is confirmed by several local fibo-levels. During the day, the pair may break the local minimum.
As we can see at the H1 chart, the downside targets are confirmed by intraday retracements. If the price rebounds from this area, bulls may start a new correction. Otherwise, if this area is broken, bears will continue pushing the price downwards.
RoboForex Analytical Department
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